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Climate risk refers to risk assessments based on formal analysis of the consequences, likelihoods and responses to the impacts of climate change and how societal constraints shape adaptation options. Common approaches to risk assessment and risk management strategies based on natural hazards have been applied to mitigate and help change the way we live. Based on a climate system that is no longer staying within a stationary range of extremes, climate change impacts are anticipated to increase for the coming decades despite mitigation efforts. Ongoing changes in the climate system complicates assessing risks. Managing these changes aim at maximizing positive and minimizing negative outcomes for communities in fields such as agriculture, food security, water resources, and health. Applying current knowledge to understand climate risk is further complicated due to substantial differences in regional climate projections, expanding numbers of climate model results, and the need to select a useful set of future climate scenarios in their assessments.

In the course of increasnf global temperature and extre weather phenomena, Intergovernmental Panel on Climate Change (IPCC), which was created by the United Nations Environment Programme (UNEP) and the World Meteorological Organization (WMO) in 1988, is to evaluate climate risks and explore strategies for their prevention and publish this knowledge each year in a series of comprehensive reports. International and research communities have been working on various approaches to climate risk management including climate risk insurance.

Climate risks
According to the IPCC Fifth Assessment Report: "Impacts from recent climate-related extremes, such as heat waves, droughts, floods, cyclones, and wildfires, reveal significant vulnerability and exposure of some ecosystems and many human systems to current climate variability".

The following future impacts can be expected:


 * Temperature increases
 * Extreme weather
 * Bumper crops and crop failure
 * Polar cap melting
 * Changes to Earth's eco-systems
 * Epidemics
 * Disruption of the North Atlantic current

While affecting all economic sectors, effects on single continents will vary. Beside these direct physical climate risks there are also indirect risks:


 * Physical risks: Direct risks of climate change negatively impact agriculture, fisheries, forestry, health care, real estate and tourism. For example, storms and flooding damages buildings and infrastructure, and droughts lead to crop failure. Climate change is shifting ecosystems and destroying forms of natural capital such as glaciers, forests, and ocean ecosystems, which provide important services to human communities. As the years go by natural disasters can only get worse considering the rise of sea level and temperatures.
 * Human life: Climate change affects human life as well as the factors of production on which our economic activity is based. Hazards like heat stress could affect the ability of human beings to work outdoors or, in extreme cases, could put human lives at risk. Increased temperatures could also shift disease vectors and thus affect human health.
 * Regulational risks: Governmental endeavours to reduce climate costs have direct effects on the economy. For example, Kyoto-Protocol emissions targets could be realised by implementing emissions trading, requiring the cost of emissions to be quantified monetarily. These costs would be used by companies to evaluate investment decisions. Factoring in emissions costs will cause prices to rise therefore impacting consumer demand. The insecurity of legislation leads to indefinite postponement of projects and investments.
 * Production risks: Production shortfalls can result from direct or indirect climate risks, i.e., hurricanes damaging oil production facilities can lead to supply disruption and increased prices. Also the price for energy will rise, as heatwaves cause water scarcity, impacting the supply of power plant cooling water. If the production does fall the negative affect will be high demand for fundamental goods.
 * Reputational risks: Companies publicly criticized for their environmental policies or high emissions might lose customers because of negative reputation.
 * Financial risks The government has to take action before it's too late. If all of these factors happen the global economy will crash. There will be lack of supplies with a high demand and it all starts off with our access to food.
 * Decision Makers: In the face of these challenges, policy makers and business leaders will need to put in place the right tools, analytics, processes, and governance to properly assess climate risk, adapt to risk that is locked in, and decarbonize to reduce the further buildup of risk.The poorest countries could be more exposed to these changes. It's time the government globally joined forces to face the future disasters together to help everyone out.

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